The owner of the Colonial Downs in Virginia wants to sell his company to West Virginia-based MTR Gaming Group Inc., in exchange for $144.5 million in MTR stock.
The owner of Colonial Downs reported May 14 an increased first-quarter profit of $3.1 million, helped by the improved performance of its racing subsidiary.
After 30 days of live racing, handle and attendance for Colonial Downs' Thoroughbred meet is mixed. Average daily handle on live racing at Colonial Downs is $1,224,667, up 16% over the same period last year.
Magna Entertainment Corp. and Colonial Downs, L.P. announced Thursday they have entered into an agreement under which Colonial LP will acquire all of the outstanding shares of Maryland- Virginia Racing Circuit, Inc., a subsidiary of Magna Entertainment.
The plan to privatize Colonial Downs moved a step closer to fruition Tuesday when the Virginia Racing Commission, after a public hearing and about an hour of deliberation, voted 3-2 to allow the acquisition of Colonial Holdings Inc. by Gameco Inc.
Only weeks before the scheduled opening of its Thoroughbred meet, Colonial Downs still hasn't secured a loan to fund purses for its summer meet. It appears, though, that track owner Jeffrey Jacobs and some horsemen are prepared to provide the funds in the interim.
John and Rhonda Holland plan a multi-purpose track that would offer Thoroughbred, Standardbred, and steeplechase racing in Nelson County.
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